What is the closing entry for outstanding amount?
- 13 Answers
- 17213 Views
- IBM, I also Faced
- E-Mail Answers
Answer Posted / anu
i agree with Mr. satyaki's answer
when expense incur entry will be-
Exp A/c 5000
To Creditor for Exp A/c 5000
when amount is paid entry will be-
Creditor for Exp A/c 5000
To O/s exp A/c 1000
To Bank / Cash A/c 4000
OK.................?
| Is This Answer Correct ? | 2 Yes | 0 No |
Post New Answer View All Answers
hi guys, pls refer me how to preppare for Indian Bank exams.
Harpithas due Rs 55000 was settled infull by taking Haris due Rs 12500 in adjustment Pass necessary entry
Dear All, Please reply ASAP. I have an account with SBI and ICICI bank. I have mention the Authorised bank address of SBI in our Shipping bill and GR. But we have received the Payments in ICICI Bank. Please inform who are able to realise the Bank Realisation Certificate (BRC)ICICI or SBI. Can SBI are quolify for refuse for BRC Application. Please reply of this query on jani_janikalpesh@yahoo.com regards Kalpesh Jani 9978912950
How to increase our credit rating score quickly?
hii,i was appeared in recruitment process of Catholic Syrian Bank.Interview question were general banking related... as what is crr,calling rate, current inflationrate etc
When is proposed divided a current Liability and when is it non-current liability? Why is it in the list of Current Capital Accounts?
can anybody send me interview question&answer to me in accounts and finance and income tax....my mail.id...jagathis1986@gmail.com
I work in a semi govt society. We purchased a flag for celebrating independence day in office premises . Plz tell me under what head / ledger of exp it comes
From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.
A company produces and sells 12500 units of Commodity X at Rs 50 each. The variable cost of the production is 20 % of selling price. Fixed cost being Rs 100000 per annum. Calculate the PV ratio and BEP if. The selling price is reduced by 5 %. Fixed cost is increased by 2 lacs
Since minority interest is balance sheet item, and got brought foward figure, how to disclose brought forward figure in consolidation work sheet instead of we make adjustment on current year to show their share in subsidiary.
what are the different kinds of cash books
Expand---------DEP
what is budgetory control and what are the types
what is pre post expenses
